Category: Banking and Finance
CBSL requests banks to open at least for 2 hours tomorrow
Mar 22, 2020 (LBO) – Sri Lanka’s Central Bank has requested all Licensed Commercial Banks and Licensed Specialised Banks to keep their branches open at least for two (2) hours on the 23rd March 2020 in the areas where police curfew is lifted to provide urgent banking services to the general public. However, CBSL encourages […]
CSE trading closed as both indices drop over 5-pct
Mar 20, 2020 (LBO) – Trading at the Colombo stock exchange closed at midday as the S&P SL20 index of more liquid stocks fell 11.90 percent or 262.42 points to 1.971.11. The All-share index also fell 6.22 percent or 303.10 points in early trade to 4,571.63. The market fell due to the fears of foreign […]
BBK Partnership, Jaffna’s accountants to the World
I first heard of the BBK Partnership Sri Lanka in 2015. I first spoke with its co-founder Anandan Arnold in 2018, and finally met him in March 2020 at a hospital in Manipay Jaffna. He was dressed rather informally for a Partner of London’s BBK Partnership of Chartered Accountants. Anandan (pictured below on the right) […]
CSE to remain closed
Mar 19, 2020 (LBO) – The Colombo stock market will remain closed for the fourth consecutive day Thursday although an announcement was made that the market will resume today. The market has been closed all week to assist in curbing the spread of COVID-19, and to ensure the safety of all market participants. This was […]
Colombo Chamber appeals to curb spread of COVID-19 in banking network
Mar 18, 2020 (LBO) – Colombo Chamber of Commerce appeals to curb the spread of COVID-19 in the banking network. The chamber suggests the following steps to be implemented particularly in the Banking Sector which has a greater economic impact and high possibility of exposure to this deadly virus spread. This is an attempt by […]
Measures adopted by CB during public holiday period
Mar 18, 2020 (LBO) – The Central Bank of Sri Lanka (CBSL) wishes to inform that the following measures have been adopted by CBSL during the public holiday period announced by the Government. REAL TIME GROSS SETTLEMENT OPERATIONS The Real Time Gross Settlement (RTGS) operations will be continued as usual. BANKING SECTOR OPERATIONS Banks have […]
President orders banks to suspend loan recoveries from businesses for 6 months
Mar 17, 2020 (LBO) – Sri Lanka’s President Gotabaya Rajapaksa orders banks and financial institutions to suspend the recovery of loans to businesses for a period of six months. In a televised speech to the nation, the President said that he would request banks to provide working capital loans to businesses at 4 percent interest. […]
ADB gives Rs.110Mn grant for SL to combat COVID-19
Mar 14, 2020 (LBO) – The Asian Development Bank (ADB) has allocated a $ 600,000 grant from the Health System Enhancement Project to the Government of Sri Lanka to finance preventive and response efforts to fight a potential novel coronavirus (COVID-19) outbreak in the country. The global public health emergency, which has now been characterised […]
New Rules to Accelerate NPL Recognition by Sri Lankan FLCs
Mar 14, 2020 (LBO) – Tighter regulation in Sri Lanka on classification and measurement of credit facilities for finance and leasing companies (FLCs) will accelerate recognition of bad loans in 2020-2022, which is likely to exert pressure on FLCs’ capitalisation due to the knock-on effects on their profitability, Fitch Ratings says. Nonetheless, the more stringent […]
Identify right model to develop the country: President tells researchers
Mar 13, 2020 (LBO) – President Gotabaya Rajapaksa requested the heads of research organizations to find ways and means to uplift a small country like Sri Lanka with a comparatively small population and an economy. Since the current global economy is based on knowledge, ours should be developed centered around our workforce that can be […]
SEC to take measures to support stock market
Mar 12, 2020 (LBO) – The Members of the Commission of the Securities and Exchange Commission of Sri Lanka (SEC) convened a special meeting Thursday to assess the current situation in the stock market and determine what regulatory relief and assistance was needed to manage the impact arising from the global stock market downturn due […]
CSE recovers ASPI and S&P making gains during trading
Mar 12, 2020 (LBO) – The Colombo bourse recovered some of its losses after Wednesdays panic selling which led to the indices falling to an 8 year low, a market report said. Positive sentiments set by global markets on renewed hopes of government stimulus and recovery in oil prices led to price gains. Price gains […]